Want To Make That Public Pension Look Healthier? Burn The Cash |
| February 10, 2013 | February 2013 Bond Updates |
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Literally. Because as University of Rochester municipal finance expert Robert Novy-Marx explains, the accounting standards applied to public pension funds give managers -- and the politicians who oversee them -- a huge incentive to invest in risky assets and an equally huge penalty if they don't. |
| View more at: http://www.forbes.com/sites/danielfisher/2013/02/10/want-to-make-that-public-pension-look-healthier-burn-the-cash/ |
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